The USD/CAD is traversing near the 1.33600 ratios as it hovers close to critical mid-term lows.
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The Bank of Canada will issue its Monetary Policy Report today and the central bank’s outlook will certainly cause a storm in the USD/CAD. The BoC is expected to raise its key lending rate by a quarter of a basis point bringing the borrowing costs to 4.50%. It is more likely that the 1.33450 to 1.33400 support level will be a key target for speculators if they are looking for downward price action. In the hours leading up to the Bank of Canada’s rate hike and outlook, traders should be braced for price velocity to quicken and become dangerous with swift reversals which test support and resistance levels.of January, the USD/CAD was trading near the 1.33200 mark briefly. By the 19of January, the USD/CAD reached a high of around 1.35200.
In other words, the BoC will likely not produce an earth-shattering news event today, what it will likely do is try to set a calm tone. However, trading in the USD/CAD will not be tranquil, cautious traders might want to sit on the sidelines until the new Overnight Rate is official and the BoC gives clues about its economic outlook.
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